Peppermint, an IIT-Bombay incubated startup recently disclosed that it has received fresh undisclosed funding. The funding round was led by Venture Catalysts.
The startup said the fresh funding invested by Venture Catalysts will be utilized for expansion of their manufacturing, strengthen their after-sales support infrastructure and venture into new markets.
Set up by Runal Dahiwade, Nityanand Prabhutendolkar and Miraj C Vora in 2016, which develops industrial cleaning robots that are suitable to keep in public and industrial spaces such as airports, railways, factories, industries and hotels. It uses various materials to kill germs such as scrubbing, chemicals and ultraviolet C rays.
Runal Dahiwade, founder and CEO, Peppermint, said, “We are making all possible strategies to make our team more skilled to grab the opportunity and expand presence into new territories to generate more revenue. Many developed and developing countries have already started making use of robots that can clean large surfaces without requiring any human assistance and India has a demand for robots in combating the pandemic. Peppermint will soon emerge as big player in this area with its state-of-the-art offerings,”.
It is expected that the market of Organised Facility Management in India will grow at 18% CAGR rate between 2018 and 2022 to reach the valuation of $20 billion by 2022.
About Venture Catalyst
This is the fourth funding done by Venture Catalyst in this month. Before this funding, Venture Catalyst invested the Pune-based Online-to-Offline (O2O) platform for mobile phones and accessories – GabbarDeals, retail aggregator platform, F5, and online job searching and recruiting platform-MyKaam.
Venture Catalyst is a startup accelerator platform that invests US$250K-US$1.5 Million in incubated startups. Peppermint robot was awarded Nidhi Prayas grant from the Department of Science and Technology, Government of India. The startup is currently providing its service in Pune and Bengaluru.